Wealth Advisers Rapidly Adopt Bitcoin ETFs As New Crypto Funds Launch

According to Cointelegraph, wealth advisers are adopting Bitcoin exchange-traded funds (ETFs) at an unprecedented rate, surpassing any previous ETF in history. This surge is primarily driven by financial advisers, including registered investment advisers and large firms like Morgan Stanley. Notably, BlackRock’s iShares Bitcoin Trust ETF has attracted $1.45 billion in flows from wealth managers. Asset management firms are also seeking to offer diversified exposure to blockchain technology. Recently, State Street and Galaxy launched three new funds to provide alternative strategies for institutional investors. Anna Paglia, State Street’s chief business officer, stated, “We believe the next evolution of this market is the introduction of actively managed digital asset portfolios.” In other developments, Bitcoin miner CleanSpark has acquired seven mining sites in Tennessee, boosting its hashrate by 22%. The company is purchasing the facilities from Exponential Digital for $27.5 million in cash, with the deal expected to close by Sept. 25. Bitfarms has rescheduled its October shareholders' “special meeting” to Nov. 6 in response to demands from its largest shareholder, Riot Platforms, for changes to the company’s board of directors. Riot has called for the appointment of Ben Gagnon as CEO and a member of the Bitfarms board, following the departure of two Bitfarms co-founders. Standard Chartered has launched crypto custody services in the United Arab Emirates, starting with Bitcoin and Ether. Developed in partnership with Brevan Howard Digital, the service follows approval from the Dubai Financial Services Authority. The bank plans to expand the service to include a broader range of crypto assets and potentially extend to other financial hubs.